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February 11, 2016 11:17 PM ET

Independent Power and Renewable Electricity Producers

Company Overview of United Photovoltaics Group Limited

Company Overview

United Photovoltaics Group Limited, an investment holding company, engages in the development, investment, operation, and management of solar power plants. As of April 23, 2015, the company owned 21 grid-connected solar power plants with a total installed capacity of 682 MW across Qinghai, Gansu, Inner Mongolia, Xinjiang, Jiangsu, Fujian, Guangdong, etc.; and 17 solar power plants with a total installed capacity of 930MW. The company is headquartered in Central, Hong Kong.

Unit 1012, 10 Floor

West Tower

Shun Tak Centre

168–200 Connaught Road

Central,  

Hong Kong

170 Employees

Phone:

852 3112 8461

Fax:

852 3112 8410

Key Executives for United Photovoltaics Group Limited

Chairman, Chief Executive Officer, Member of Nomination Committee and Member of Risk Control Committee
Age: 47
Total Annual Compensation: $2.4M
Executive Director and Chairman of Risk Control Committee
Age: 44
Compensation as of Fiscal Year 2014.

United Photovoltaics Group Limited Key Developments

United Photovoltaics Group Limited Announces Board Changes

United Photovoltaics Group Limited board of directors announced that, as recommended by the nomination committee of the company and approved by the Board, Mr. Tang Wenyong has been appointed as a non-executive director of the company with effect from 24 December 2015. Mr. Tang, aged 51, is a director of China Merchants New Energy Group Limited and is a senior managing director of China Merchants Capital Management Co. Ltd. The board also announced that with effect from 24 December 2015, Mr. Yang Baiqian has resigned from his position as a non-executive director of the company and will cease to hold any directorship or position in any member of the Group due to his other commitments. The Board further announced the following changes of members of its committees with effect from 24 December 2015: Mr. Tang has been appointed as a member of each of the risk control committee, the audit committee and the remuneration committee; Mr. Lu Zhenwei, an executive director of the company, has been appointed as the chairman of the risk control committee; and Mr. Yang ceased to be the chairman of the risk control committee and a member of each of the audit committee and the remuneration committee.

United Photovoltaics Group Limited Announces Launch of Datong Top Runner Project on Signing of EPC Agreement for Construction of Concentrated Solar Power Plant Project

The board of United Photovoltaics Group Limited announced the launch of the Datong Top Runner Project and the signing of the EPC Agreement for the construction of a concentrated solar power plant project with an installed capacity of 100MW in the Datong Demonstration Base in Shanxi Province, the PRC. As announced by the Company on 4 August 2015, the Group won the bid to develop and operate exclusively the Datong Top Runner Project, namely a 100MW concentrated solar power plant project meeting the standards of the Top Runner Program as implemented by the National Energy Administration, the Ministry of Industry and Information Technology, and the Certification and Accreditation Administration of China. The Datong Top Runner Project will be located in the Datong Demonstration Base, which is the first photovoltaic industrial park approved under the Top Runner Program and is designated to become a high technology base for solar industry with an aggregate installed capacity of 3,000MW during years 2015 to 2017 with the mission to promote application of advanced photovoltaic products and upgrade in the industry, according to notice issued by the People ' s Government of Datong City. The solar power plant project as contemplated under the Datong Top Runner Project is expected to be completed in the first quarter of 2016 or thereabouts. On November 18, 2015, UP (Datong) entered into the EPC Agreement with the EPC Contractor, pursuant to which, UP (Datong) agreed to engage the EPC Contractor, and the EPC Contractor agreed to provide EPC Services for the construction of the Datong Top Runner Project at the total consideration of RMB 675,620,000. The total consideration under the EPC Agreement is RMB 675,620,000, having taken into account the prevailing market price of similar EPC Services, fluctuation of labor market, material costs and policy adjustment during the provision of EPC Services. The total consideration is subject to adjustment attributable to variation of technical specifications. UP (Datong) invited tenders from qualified contractors by way of tender. The Group evaluated the qualification and capacity of all the participating contractors, the technical solutions and pricing proposals of those tenders submitted and awarded the EPC Agreement to the EPC Contractor. Based on the information contained in the business license of the EPC Contractor, the EPC Contractor is a state-owned enterprise incorporated in the PRC and is principally engaged in contracting of electricity, housing, electrical installation, municipal utility and steel structure construction. The Company is an investment holding company and the Group is principally engaged in the development, investment, operation and management of solar power plants. In accordance with the existing business strategy, the Group relies on the expertise of the EPC contractors in providing EPC Services. Development of solar power plants in the Datong Demonstration Base under the Top Runner Program potentially sets the new benchmarks for photovoltaics industry within China. The Directors consider that the launch of the Datong Top Runner Project reflects the comprehensive strengths of the Group, such as the resourcefulness, technical capabilities, enhanced economies of scale, and utilization of advanced technology. The Directors believe that the Datong Top Runner Project signifies industry recognition and market leadership of the Group in the solar power industry in China. The Datong Top Runner Project, upon completion, will increase the total installed electricity generation capacity of Group. The transaction contemplated under the EPC Agreement is arms ' length transaction on normal commercial terms. The Directors believe and consider that the terms of the EPC Agreement are fair and reasonable and are in the interests of the Company and its shareholders as a whole.

United Photovoltaics Group Limited(SEHK:686) added to Hang Seng Composite Index

United Photovoltaics Group Limited has been added to Hang Seng Composite Index.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 18, 2015
--
Private Placement
May 19, 2015
--
Private Placement
May 18, 2015
--
 

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